Is MCX Futures & Options Trade Speculative or Business Activity?

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There is great confusion regarding the nature of Futures & Option (derivative) trades executed through MCX . The confusion has, perhaps, aggravated after the recent decision dt 17/09/2012 by Mumbai Tribunal in case of ACIT vs Arnav Akshay Mehta IT Appeal No. 2742 (Mum.) of 2011 in which the issue was whether the derivative transaction (Futures & Options )

About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.

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